Zhejiang Xiantong Rubber & Plastic Co. Ltd. said its fourth-quarter normalized net income came to 13 fen per share, a decline of 42.8% from 22 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 33.7 million yuan, a decline of 21.7% from 43.0 million yuan in the prior-year period.

The normalized profit margin declined to 14.2% from 20.2% in the year-earlier period.

Total revenue increased 11.2% year over year to 236.5 million yuan from 212.7 million yuan, and total operating expenses increased 29.3% year over year to 186.9 million yuan from 144.6 million yuan.

Reported net income declined 31.1% from the prior-year period to 48.3 million yuan, or 18 fen per share, from 70.1 million yuan, or 36 fen per share.

For the year, the company's normalized net income totaled 46 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 83 fen.

EPS declined 16.5% from 55 fen in the prior year.

Normalized net income was 123.5 million yuan, an increase of 11.1% from 111.2 million yuan in the prior year.

Full-year total revenue increased 24.9% year over year to 732.1 million yuan from 586.0 million yuan, and total operating expenses rose 32.8% year over year to 543.4 million yuan from 409.3 million yuan.

The company said reported net income increased 13.3% year over year to 170.1 million yuan, or 63 fen per share, in the full year, from 150.2 million yuan, or 74 fen per share.

As of April 13, US$1 was equivalent to 6.27 yuan.